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Promotions Announced at South Atlantic Bank

Myrtle Beach, South Carolina, December 10, 2012 – South Atlantic Bank has announced the promotions of Leah Mazurkiewicz to customer service representative at the Murrells Inlet office and Lauren Griffin to deposit operations specialist at the Main Office.

Leah Mazurkiewicz

Mazurkiewicz most recently served the bank as a teller at the Main Office. Prior to joining South Atlantic Bank, she was the manager of the Heart to Heart Boutique at Coastal Grande Mall. A native of Conway, she is a graduate of Carolina Forest High School, and holds a B.A. degree in communications with a minor in graphic design from Coastal Carolina University. In the community, Mazurkiewicz serves as a volunteer with the Conway Chamber of Commerce. She resides in Carolina Forest.

 

Lauren Griffin

Griffin joined South Atlantic Bank as a teller in 2008 and has nearly 12 years of business experience. Prior to joining South Atlantic Bank, she served as the office manager for Premium Petroleum Company from 2004 to 2008. She is a graduate of Westchester Community College in Westchester, New York with an A.A. degree in liberal arts. Griffin is a native of Westchester and has resided along the Grand Strand for four years.

Hicks Promoted at South Atlantic Bank

Courtney HicksMyrtle Beach, South Carolina, November 28, 2012 – South Atlantic Bank has announced the promotion of Courtney B. Hicks to assistant vice president.

Hicks has been with the bank since its founding in 2007 and serves as its merchant operations manager. Prior to joining South Atlantic Bank, she had significant experience in merchant operations with two other community banks. She is a graduate of Wofford College with a B.S. degree in psychology and is a resident of Myrtle Beach.

South Atlantic Bank Announces Dividend - First Stock Dividend in Company's History

Myrtle Beach, South Carolina, October 30, 2012 – The Board of Directors of South Atlantic Bancshares, Inc., parent of South Atlantic Bank, has declared a 10 percent stock dividend, payable on December 18, 2012 to shareholders of record on December 3, 2012. The stock dividend provides shareholders with ten new shares for every one hundred shares held, with fractional shares rounded up to the next whole share.

In making the announcement, chairman of the board and chief executive officer K. Wayne Wicker stated, “With the bank soon to celebrate its fifth anniversary, our board of directors felt the timing was appropriate to grant our shareholders a stock dividend. We appreciate our shareholders’ loyalty to and pride in our growing bank,” he said.

The stock dividend will increase the Company’s outstanding common shares of stock to approximately 3,026,312, an addition of 275,120 shares. This is the first stock dividend for South Atlantic Bank, which opened in November 2007.

South Atlantic Bank Announces 105% Increase in Net Income

Myrtle Beach, South Carolina, October 16, 2012 – South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today announced net income of $1,632,035 or $0.59 per diluted share for the nine months ended September 30, 2012, a 105% increase when compared to figures for the same period a year ago. The year-to-date figures represent the bank’s best financial performance in its nearly 5-year history.

Net income for the three months ended September 30, 2012, was $493,551 or $0.18 per diluted share, a 15% increase when compared to figures for the same period a year ago, net of income tax adjustments. The third quarter of 2012 marked the bank’s seventh consecutive quarterly profit.

Chief Executive Officer and Chairman K. Wayne Wicker stated, “Loan growth, along with strong performances by the bank’s mortgage lending and merchant services departments, helped to fuel our performance during the third quarter. The bank also continues to achieve growth in core deposits which is important to balance sheet management and improvement in the net interest margin.

“Also contributing to our success is the overall growth in our Myrtle Beach and Murrells Inlet locations, and the opening of our new Pawleys Island location,” Wicker said. “The Myrtle Beach and Murrells Inlet offices are well-established in our community, and in its first five months of operations, our Pawleys Island office has exceeded our expectations for growth,” Wicker said.

Total deposits grew 21.5%, from $212.9 million reported at September 30, 2011, to $258.6 million at September 30, 2012. Total loans grew 9.1%, from $167.0 million at September 30, 2011 compared to $182.2 million at September 30, 2012.

Total assets grew 20.3%, from $235.9 million at September 30, 2011, to $283.8 million at September 30, 2012, and the bank’s capital ratios continue to exceed regulatory requirements. Credit quality, an important barometer of a bank’s financial health, has always been a primary focus at South Atlantic Bank. The bank’s ratio of net charge-offs to average total assets was 0.31% at September 30, 2012, which compares favorably to state and national averages.

The bank has received several honors for its financial performance and community service. BauerFinancial, Inc., a leading independent bank rating firm, recently awarded South Atlantic Bank its fifth consecutive 5-Star superior rating, which is the highest rating given. South Atlantic Bank was the only Grand Strand-based bank to receive this distinction. The Myrtle Beach Area Chamber of Commerce honored the bank with a Community Service Award at its annual meeting in October. South Atlantic Bank was also named a “Roaring Twenties” winner by SCBiz News, a producer of several state-wide business news publications including SC Biz, the Charleston Regional Business Journal, the Columbia Regional Business Report, and GSA Business.

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South Atlantic Bank Tops Fundraising Totals for Miracle League

Grand Strand Miracle League Fall Opener FundraiserMyrtle Beach, South Carolina, September 24, 2012 – In a series of special events in recent weeks, South Atlantic Bank raised more than $2,500 for the Grand Strand Miracle League. Proceeds from the fundraisers – $2,519.41 to be exact – were presented to Grand Strand Miracle League officials at the league’s fall opener on September 20.

To raise funds, the bank held two public events – “Wash Your Windshield Friday” and “Hot Dog Friday.” During “Wash Your Windshield Friday,” bank employees washed the windshields of customers’ cars in the drive-through for a donation to the Miracle League. On “Hot Dog Friday,” visitors to the bank received a grilled hot dog lunch for a donation to the Miracle League. Monetary donations were also accepted at the bank’s offices in Myrtle Beach, Murrells Inlet, and Pawleys Island. In addition, employees participated in an internal raffle for a day off with pay. The bank then matched the contributions up to $500 and presented the check on behalf of its customers and the community. This year’s total marked the best yet fundraising effort for the bank, which is in its fourth year of sponsorship with the Miracle League.

The Miracle League is dedicated to providing special needs children and adults the opportunity to play baseball. The field is designed to smooth and safe for walkers and wheelchairs. The rules are simple – everyone hits, everyone gets on base and everyone scores. For more information about the Grand Strand Miracle League, visit GrandStrandMiracleLeague.com or call 843.448.7712.

South Atlantic Bank Earns Fifth Consecutive 5-Star Rating

South Atlantic Bank is awarded 5 star Superior ratinMyrtle Beach, South Carolina, September 18, 2012 – South Atlantic Bank is pleased to announced that it has received a 5-Star Superior rating from BauerFinancial, Inc., a leading independent bank rating firm, for its financial performance in the second quarter of 2012. The 5-Star rating is the highest rating a bank can receive, and again, South Atlantic Bank was the only Grand Strand-based bank to receive this rating. This is the bank’s fifth consecutive 5-Star rating, a string stretching back to the second quarter of 2011.

In making the announcement, South Atlantic Bank chairman of the board and chief executive officer K. Wayne Wicker stated, “As a community bank, our very existence is based on the principles of credit quality, sound baking practices, and exemplary customer service. The prestigious 5-star rating recognizes our strict adherence to these principles in our day-to-day banking operations.”

BauerFinancial, based in Coral Gables, Florida, compiles its ratings after an independent review of data that financial institutions report to the federal government, including capital ratios, profitability/loss trends, the level of delinquent loans, charge-offs and repossessed assets, market versus book value of the investment portfolio, regulatory supervisory agreements, the community reinvestment rating (CRA), and historical data and liquidity. Banks can achieve rankings of zero through 5 stars, with 5 being the strongest. BauerFinancial has been analyzing and reporting on the financial condition of the banking industry since 1983. Consumers may obtain star-ratings by visiting BauerFinancial.com.

Thomas Named Deposit Operations Specialist

Michelle ThomasMyrtle Beach, South Carolina, September 13, 2012 – South Atlantic Bank has announced that Michelle Thomas has been named a deposit operations specialist at the bank’s Main Office.

Thomas has more than 24 years of banking experience. She joined South Atlantic Bank in 2008 as head teller at the Main Office, and was named a loan operations specialist in 2011. Prior to joining South Atlantic Bank, she had served in the deposit operations department of the former Beach First National Bank. She began her career at Dollar Bank in Pittsburgh, Pennsylvania, where she worked in several departments including cash management and computer operations. She also is an artist who works in acrylics on canvas.

Thomas is a native of Pittsburgh, Pennsylvania and has lived in Calabash, North Carolina for ten years. She is a graduate of the ICM School of Business (now Kaplan Career Institute) with A.A. degrees in Specialized Technology for Retail Art and Computer Management.

McDaniel Joins South Atlantic Bank

Jamie McDanielMyrtle Beach, South Carolina, August 21, 2012 – Jamie McDaniel has joined South Atlantic Bank as a customer service representative at the bank’s Murrells Inlet office, located at 11019 Tournament Boulevard. She will have responsibility for opening new accounts and assisting customers with their financial needs.

McDaniel brings eight years of bank customer service experience to her new post at South Atlantic Bank. A native of Georgetown, she now resides in Murrells Inlet. She attends Beach Church in Myrtle Beach.

South Atlantic Bank Announces Fund Drive to Support Miracle League Two Special Events to Take Place at Myrtle Beach Office

Myrtle Beach, South Carolina, August 20, 2012 – South Atlantic Bank, a sponsor of the Grand Strand Miracle League’s Fall Opener, has announced a fund drive in its branches to support this local organization.

 

From August 24 through September 19, South Atlantic Bank will accept monetary donations at its offices in Myrtle Beach, Murrells Inlet, and Pawleys Island. The bank will match the contributions up to $500 and present a check on behalf of its customers and the community to the Grand Strand Miracle League at their Fall Opener on September 20.

The bank’s Main Office at 630 29th Avenue North will host two special events to help the fundraising effort!

Friday, August 24 will be “Clean Your Windshield Friday.” For a $5 donation to the Miracle League, bank employees will wash your car’s front and rear windows in the drive-through. The event will run from 8:30 a.m. to 5:30 p.m. (Main Office only.)

Friday, September 7 will be “Hot Dog Friday.” For a $5 donation to the Miracle League, visitors to the South Atlantic Bank tent will receive a grilled hot dog, some popcorn, and a soft drink. All proceeds will benefit the Miracle League. (Main Office only.)

The Miracle League’s Fall Opener will take place on Thursday evening, September 20 beginning at 6 p.m. with opening ceremonies. The ball game will begin at 6:15 p.m. and run until 7:30 p.m. A barbecue dinner will be served beginning at 6:30 p.m. The public is invited to attend. Games are held at the James C. Benton Miracle League Field in the Pepper Geddings Recreational Complex at Oak Street and 33rd Avenue North in Myrtle Beach.

The Miracle League is dedicated to providing special needs children and adults the opportunity to play baseball. The field is designed to smooth and safe for walkers and wheelchairs. The rules are simple – everyone hits, everyone gets on base and everyone scores. For more information about the Grand Strand Miracle League, visit GrandStrandMiracleLeague.com or call 843.448.7712.

Suggs Promoted to Senior Vice President at South Atlantic Bank

Myrtle Beach, South Carolina, August 8, 2012 – Tiffany Platt Suggs has been promoted to the rank of senior vice president at South Atlantic Bank. She is director of deposit and branch operations, with responsibility for information technology and electronic banking. She also serves as the Bank Secrecy Act (BSA) officer.

Suggs has been with South Atlantic Bank since its founding in 2007 and was instrumental in the formation and set up for deposit and branch operations, BSA and information technology. A veteran banker with more than 21 years of banking experience, she began her career with United Carolina Bank (now BB&T) in 1990. She advanced through the ranks at BB&T before joining the former Beach First National as vice president and deposit operations manager in 1998.

A native of North Myrtle Beach, Suggs now resides in Conway with her family, where she is an active member of Trinity United Methodist Church. She attended Coastal Carolina University.

Assistant Branch Manager Named at South Atlantic Bank

CariMyrtle Beach, South Carolina, July 31, 2012 – South Atlantic Bank has announced the appointment of Cari Henderson as assistant manager of the bank’s Main Office at 630 29th Avenue North in Myrtle Beach. As assistant manager, she will oversee several branch functions including security, teller operations, customer service, and facilities.

Henderson worked for Spirit Airlines as a customer service supervisor for seven years before joining the former Coastal Federal (now BB&T) in 2006 as a head teller and customer service representative at the Sayebrook office. She joined South Atlantic Bank as a teller supervisor at the Murrells Inlet office in 2008, a position she held until her promotion to customer service representative in May 2011. Henderson is a native of Elmira, New York, and has resided in Surfside Beach for the past thirteen years. She is a graduate of the Pittsburgh Technical Institute with a degree in travel and tourism and recently received a General Banking and Customer Service Diploma from the American Institute of Banking (AIB).

South Atlantic Bank Announces Earnings Growth of 200.5% in Mid-Year Report

Myrtle Beach, South Carolina, July 23, 2012 – South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today announced net income of $1,138,484 or $0.41 per diluted share for the six months ended June 30, 2012, a 200.5% increase when compared to figures for the same period a year ago. Net income for the three months ended June 30, 2012 was $685,478 or $0.25 per diluted share, a 195.0% increase when compared to figures for the same period a year ago. The second quarter marked the sixth consecutive quarterly profit for South Atlantic Bank, which was founded in 2007.

“It has been a busy and productive second quarter at South Atlantic Bank as we achieved significant earnings growth both for the quarter and the year thus far,” said K. Wayne Wicker, chief executive officer and chairman of the board. “Our success can be attributed to growth in core deposits along with strong performance in the mortgage loan area and improving results in merchant services. Management of our balance sheet has produced earnings growth via the loan portfolio and the investment portfolio, in addition to an improved net interest margin. Our strong earnings performance required an adjustment to our deferred tax asset, which further enhanced our results,” Wicker said.

“During the second quarter, we successfully opened a new office, the bank’s third overall, in the Pawleys Island/Waccamaw Neck area,” Wicker added. “We have assembled an experienced team of bankers in the market, and customer response to this new office has been extremely positive.” he said.

Total deposits grew 12.1%, from $224.7 million reported at June 30, 2011 to $251.9 million at June 30, 2012. Total loans grew 4.56% in the second quarter, from $163.3 million at June 30, 2011 compared to $170.8 million at June 30, 2012.

Total assets grew 11.99%, from $246.8 million at June 30, 2011, to $276.4 million at June 30, 2012, and the bank’s capital ratios continue to exceed regulatory requirements. Credit quality, an important barometer of a bank’s financial health, has always been a primary focus at South Atlantic Bank. The bank’s ratio of net charge-offs to total loans was 0.26% at June 30, 2012, which compares favorably to state and national averages.

“The summer tourist season appears to be going well along the Grand Strand,” Wicker said. “Recent reports have also shown positive news from the real estate markets with growth in sales and some stabilization of prices. While the real estate market has a long road back, these reports are good news for the economy both along the Grand Strand and nationally,” he said.

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Spitzer Joins South Atlantic Bank

Myrtle Beach, South Carolina, July 17, 2012 – South Atlantic Bank has announced the appointment of Donna Spitzer as a mortgage loan processor/underwriter at the bank’s Main Office at 630 29th Avenue North in Myrtle Beach.

Donna Spitzer

 

Spitzer has 22 years of business experience, with 12 years as a mortgage underwriter/processor for an area bank. A native of Maryland, she has lived in Pawleys Island for 13 years. In the community, she served as treasurer of the Waccamaw High School Band Boosters Association for three years.

South Atlantic Bank Announces Staff Appointments in Pawleys Island

Myrtle Beach, South Carolina, July 9, 2012 – South Atlantic Bank has announced the appointments of Diane McLean and Janis Cottingham to the staff at its new Pawleys Island office, located at 10593 Ocean Highway in Waverly Place. Both staff members will have responsibility for customer service with McLean serving as head teller and Cottingham as customer service representative.

Diane McLean

 

McLean brings 20 years of teller experience to her new post at South Atlantic Bank. She held teller positions at several banks in Upper Marlboro, Maryland, before relocating to the Grand Strand in 2003. McLean mostly recently served as a teller and customer service representative for a community bank in Pawleys Island. She is a resident of Murrells Inlet and is active in All Saints Church in Pawleys Island.

 

 

  

Janis Cottingham

 

Cottingham began her banking career with United Carolina Bank (now BB&T) in 1994 in customer service and most recently served as a consumer and installment loan specialist at a community bank in Pawleys Island. A native of Kingstree, Cottingham resides in Pawleys Island.

South Atlantic Bank Announces Approval of New Branch

Myrtle Beach, South Carolina, June 19, 2012 – South Atlantic Bank has received approval from the Federal Deposit Insurance Corporation (FDIC) and the South Carolina State Board of Financial Institutions to operate a full service branch in Pawleys Island, effective immediately. The new branch is located in Unit B of Waverly Place, located at 10593 Ocean Highway. Veteran bankers Drew Johnson and Donna Murphy are establishing the bank’s presence in Pawleys Island assisted by staff members Diane McLean and Janis Cottingham.

South Atlantic Bank chairman of the board and chief executive officer K. Wayne Wicker stated, “We are pleased to have the opportunity to serve Pawleys Island and the Waccamaw Neck. Our new location enables us to bring our community banking philosophy of sound banking practices, credit quality, and exemplary customer service to consumers and businesses in this new market.” Office hours are 8:30 a.m. to 5 p.m. Monday through Friday.

Fourth Consecutive 5-Star Rating for South Atlantic Bank

South Atlantic Bank is awarded 5 star Superior ratinMyrtle Beach, South Carolina, June 7, 2012 – BauerFinancial, Inc., a leading independent bank rating firm, has awarded South Atlantic Bank a 5-Star Superior rating for its financial performance in the first quarter 2012. The 5-Star rating is the highest rating a bank can receive, and again, South Atlantic Bank was the only Grand Strand-based bank to receive it. This is the bank’s fourth consecutive 5-Star rating, a string stretching back to the second quarter of 2011.

South Atlantic Bank chairman of the board and chief executive officer K. Wayne Wicker stated, “We are pleased to receive continued recognition of our strength and stability from BauerFinancial. We believe that this honor is an affirmation of our dedication to our bank, our customers and our community.”

BauerFinancial, based in Coral Gables, Florida, compiles its ratings after an independent review of data that financial institutions report to the federal government, including capital ratios, profitability/loss trends, the level of delinquent loans, charge-offs and repossessed assets, market versus book value of the investment portfolio, regulatory supervisory agreements, the community reinvestment rating (CRA), and historical data and liquidity. Banks can achieve rankings of zero through 5 stars, with 5 being the strongest. BauerFinancial has been analyzing and reporting on the financial condition of the banking industry since 1983. Consumers may obtain star-ratings by visiting BauerFinancial.com.

South Atlantic Bank Supports St. James Sharks Booster Club

South Atlantic Bank Supports St. James Booster ClubMyrtle Beach, South Carolina, June 1, 2012 – The St. James High School Sharks Booster Club, with the help of South Atlantic Bank, raised more than $4,000 through its parking fundraiser during the 2012 Harley-Davidson Motorcycle Rally. The bank provided the parking lot at its Murrell Inlet office to the club which then charged a per vehicle fee to raise money for athletic programs. South Atlantic Bank’s Murrells Inlet office is positioned near a popular rally location.

Doug Arseneau, senior vice president and director of mortgage loans for South Atlantic Bank, said, “We are proud to be able to help the St. James Sharks Club with this innovative fundraiser. It’s one more way that South Atlantic Bank supports our communities.”

Addition to Staff at South Atlantic Bank

Myrtle Beach, South Carolina, May 29, 2012 – South Atlantic Bank today announced that Jessica Konewko has been promoted to head teller at the bank’s Main Office, located at 630 29th Avenue North.

Konewko has seven years of teller experience. Prior to joining South Atlantic Bank in 2011, she had worked as a teller for First Federal in Myrtle Beach. A native of Pottstown, Pennsylvania, she has resided in Surfside Beach for 15 years.

Drew Johnson and Donna Murphy Join South Atlantic Bank

Myrtle Beach, South Carolina, May 22, 2012 – South Atlantic Bank has announced the appointments of Drew Johnson as senior vice president/Georgetown County executive, and Donna Murphy, as vice president/retail business development officer. Both bankers will be responsible for establishing the bank’s presence in Pawleys Island and will work from an office in Waverly Place at 10593 Ocean Highway.

Johnson most recently served Plantation Federal as president. He began his banking career with the former Andrews Bank and Trust in 1985. He joined Plantation Federal in 1988 and served in various capacities including retail lending and mortgage loans. He served as director of mortgage lending and as marketing executive before being named president of the company in 2010.

A graduate of the College of Charleston with a B.S. degree in business, Johnson completed the Graduate School of Banking at Louisiana State University. He currently serves on the boards of the South Carolina Real Estate Appraisers and Tidelands Hospice, and as treasurer of Grace Church Waccamaw. Johnson is a native of Georgetown and has resided in Pawleys Island for 25 years.

 

 

Donna Murphy most recently served Plantation Federal as vice president and loan officer. She began her banking career with the former South Carolina National Bank (now Wells Fargo) in 1977, where she filled various roles in the organization. She was named a branch manager and was promoted to the rank of assistant vice president. She joined Plantation Federal in December 1993 as manager of the Pawleys Island office. She was promoted to vice president and loan officer.

Murphy attended the College of Charleston. In the community, she was previously a member of the Pawleys Island Rotary Club and was named its’ Rotarian of the Year in 1994. She also served as a member of the board of directors of the Midway Fire Department from 2001 to 2004. Murphy is a native of Spartanburg, South Carolina and has been a resident of Pawleys Island for 30 years.

South Atlantic Bank Announces Entrance into Pawleys Island and Waccamaw Neck

Myrtle Beach, South Carolina, May 10, 2012 – South Atlantic Bank today announced that it will open a loan production office in Pawleys Island at 10593 Ocean Highway, Unit B, on Monday, May 14. Drew Johnson and Donna Murphy, both career bankers with more than 40 years of combined experience in Pawleys Island, will lead the bank’s team in this market. Drew will serve as senior vice president/Georgetown County executive and Donna will serve as vice president/retail business development officer.

In making the announcement, South Atlantic Bank chairman of the board and chief executive officer Wayne Wicker said, “Drew and Donna are veteran bankers who will be responsible for the establishment of our presence in Pawleys Island and the Waccamaw Neck, beginning with our loan production office. Applications have been filed with the FDIC and the South Carolina State Board of Financial Institutions to open a full-service branch office and we anticipate full-service branch operations to begin within 90 days,” he said.

R. Scott Plyler, president, said, “We are pleased to have bankers of Drew and Donna’s caliber on our staff. They are a good fit for South Atlantic Bank because they understand our community banking philosophy of strong credit quality, sound banking practices, and exemplary customer service, and they share our commitment to community and our passion for banking.”

The loan production office will be South Atlantic Bank’s second location in the South Strand. The bank currently operates a branch at 11019 Tournament Boulevard in Murrells Inlet in addition to its headquarters office in Myrtle Beach.

Drew Johnson most recently served Plantation Federal as president and Donna Murphy served there as a vice president.

South Atlantic Bank Announces Promotion

Myrtle Beach, South Carolina, May 2, 2012  – Carol Vaci has been promoted to customer service representative at South Atlantic Bank’s main office at 630 29th Avenue North in Myrtle Beach. As a customer service representative, she will be responsible for opening new accounts and assisting customers with their financial needs.

Vaci joined South Atlantic Bank as a teller in August 2011. She previously served Wachovia Bank from 1988 to 2011, working as a teller and customer service representative, and in trust administration. A native of Alexander, New York, Vaci has lived in Myrtle Beach for 26 years. She is a graduate of the State University of New York at Cortland with a B.A. degree in recreation administration.

Earnings Grow 210% at South Atlantic Bank

Myrtle Beach, South Carolina, April 16, 2012 – South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today reported net income of $453,006, or $0.16 per diluted share for the three months ended March 31, 2012, an increase of 210% when compared to the $146,228 or $0.03 per diluted share reported for the same period a year ago.

“I am pleased to announce that 2012 is off to a good start for South Atlantic Bank,” said chairman of the board and chief executive officer K. Wayne Wicker. “Our first quarter results can be directly attributed to a 19.1% increase in net interest income fueled by loan growth, along with improvement in noninterest income and expense control.”

The bank’s net interest margin improved to 3.87% for the three months ended March 31, 2012, up from the 3.38% reported for the same period a year ago. The improvement in the margin is due to an increase in the yields on interest earning assets and a decrease in interest costs for deposits, based on market conditions and the current low interest rate environment.

Moderate gains were reported in the balance sheet. Total loans grew 4.64% during the first quarter, with total loans of $162.7 million at March 31, 2011 compared to $170.3 million at March 31, 2012. Total deposits grew 10.98%, from $194.7 million at March 31, 2011 to $216.1 million at March 31, 2012. The bank’s deposit base continues to favor a strong mix of core accounts.

South Atlantic Bank’s credit quality remains strong with net charge-offs to total loans of 0.14% for the three months ended March 31, 2012. While the bank has not been immune to the issues caused by a tough economic cycle, its percentage of nonperforming assets remains favorable when compared to local, regional, and national averages.

The bank’s capital ratios continue to exceed regulatory requirements. Total assets grew 9.31%, from $219.2 million at March 31, 2011, to $239.6 million March 31, 2012.

“It appears that our tourism-driven economy has experienced an improving spring, with a myriad of special events, school breaks, and the Easter holiday all drawing visitors to our market,” Wicker said. “There is brighter news on the housing horizon, as home sales are increasing, continuing an upward trend that began this winter. This good news may fuel confidence in the economic recovery, which could in turn spur future growth and development,” he stated.

Click here for Selected Financial Highlights.

Peg Shaffer Joins South Atlantic Bank

Myrtle Beach, South Carolina, April 15, 2012 – South Atlantic Bank has announced the appointment of Peg Shaffer as assistant vice president and assistant manager of loan servicing at the bank's Main Office at 630 29th Avenue North in Myrtle Beach.

Shaffer has nearly 30 years of banking experience, primarily with three Pennsylvania banks and five years locally with Sandhills Bank, where she served as chief credit officer for five years.  At South Atlantic Bank, Shaffer will be responsible for loan documentation, regulatory compliance, and governmental reporting.

A native of Lock Haven, Pennsylvania, Shaffer is a graduate of the South Carolina Banker's Association School of Banking and has completed the Risk Management Association Commercial Lending School.  In the community, she serves as treasurer of Heroes for Children, a local non-profit organization dedicated to supporting the volunteer Guardian ad Litem program of Horry County.  She is also a member of the North Myrtle Beach Women's Club and has resided in North Myrtle Beach for nine years.

South Atlantic Bank Honors Eight in Art Program

  Myrtle Beach, South Carolina, April 3, 2012 – South Atlantic Bank recognized eight Myrtle Beach Elementary School students for artistic excellence during a reception held at the school on Thursday, March 29.

The students were honored for their depictions of the bank based on tours they had taken earlier this year. During the tours, more than 690 Myrtle Beach Elementary School students saw banking in action at the bank's main office at 630 29th Avenue North in Myrtle Beach. After the tours, all the students drew pictures of their experiences at the bank. Bank employees then voted on their favorite works of art with eight students receiving a cash award for their work. In addition to the student awards, Janet Trupiano, the Myrtle Beach Elementary School art teacher, received a grant from the bank for future art projects.

 

 

 

 

The winning artwork will be on display at the bank through the middle of April. The winners are:

Grade 2

1st Place: Camilla Lomeli
2nd Place: Bella Morello
3rd Place: Paulina Bautista
Honorable Mention: Mohamad Aitbouhassoun

 

Grade 3

1st Place: Patrick Le
2nd Place: Sophia Estepa
3rd Place: James Farley
Honorable Mention: Starashia Alston

 

Click here to view their artwork

South Atantic Bank Earns Third Consecutive 5-Star Superior Rating

South Atlantic Bank Earns Third Consecutive 5 Star Superior RatingMyrtle Beach, South Carolina, March 6, 2012 – BauerFinancial, Inc., a leading independent bank rating firm, has awarded South Atlantic Bank a 5-Star Superior rating for its financial performance in the fourth quarter 2011.

BauerFinancial, based in Coral Gables, Florida, compiles its ratings after an independent review of data that financial institutions report to the federal government, including capital ratios, profitability/loss trends, the level of delinquent loans, charge-offs and repossessed assets, market versus book value of the investment portfolio, regulatory supervisory agreements, the community reinvestment rating (CRA), and historical data and liquidity. Banks can achieve rankings of zero through 5 stars, with 5 being the strongest. BauerFinancial has been analyzing and reporting on the financial condition of the banking industry since 1983. For more information about BauerFinancial, visit www.BauerFinancial.com.

South Atlantic Bank Announces Teller Appointment

Myrtle Beach, South Carolina, March 5, 2012 – South Atlantic Bank has announced the appointment of Leah Mazurkiewicz as a teller at the bank’s Main Office at the corner of 29th Avenue North and Grissom Parkway. A native of Conway, South Carolina, Mazurkiewicz is a graduate of Carolina Forest High School and received a B.A. degree in communications with a minor in graphic design from Coastal Carolina University. Prior to joining South Atlantic Bank, she was the manager of the Heart to Heart Boutique at Coastal Grande Mall. In the community, Mazurkiewicz serves as a volunteer with the Conway Chamber of Commerce. She resides in Carolina Forest.

South Atlantic Bank Announces First Yearly Profit

Myrtle Beach, South Carolina, January 26, 2012 – South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today announced net income of $1,155,407 or $0.42 per diluted share for the year ended December 31, 2011, marking the bank’s first profitable year since its founding in 2007 and a 222% improvement over the $944,856 loss reported for the same period a year ago.

Net income for the three months ended December 31, 2011 was $358,366 or $0.13 per diluted share, representing the bank’s fourth consecutive quarterly profit.

“Several factors contributed to the bank’s improved financial performance in 2011,” said chairman of the board and chief executive officer K. Wayne Wicker. “The bank is in its fifth year of operation and is now a well-established presence in Myrtle Beach and Murrells Inlet, with significant gains in market share posted each year. This overall growth, when met with the success of strategies implemented to improve the net interest margin, control expenses, and maintain credit quality, yielded strong results.”

The bank’s net interest margin improved to 3.40% for the year ended December 31, 2011, up from the 2.97% reported for the same period a year ago. The improvement in the margin is due to an increase in the yields on interest earning assets and a decrease in interest costs for deposits, based on market conditions and the current low interest rate environment.

Moderate gains were reported in the balance sheet. Continued weak demand throughout the Grand Strand held loan growth to just 4.14% in 2011, with total loans of $162.9 million at December 31, 2010 compared to $169.6 million at December 31, 2011. Total deposits grew 10.74%, from $178.9 million at December 31, 2010 to $198.1 million at December 31, 2011. The bank’s deposit base continues to favor a strong mix of core accounts.

South Atlantic Bank’s credit quality remains strong with net charge-offs to total loans of 0.55% for the year ended December 31, 2011. While this percentage represents an increase over the same period a year ago, it primarily includes write downs made in the fourth quarter 2011 to reflect the current market value of collateral. As a vigilant guardian of its credit quality, the bank took this conservative action due to the continued decline in real estate values along the Grand Strand.

The bank’s capital ratios continue to exceed regulatory requirements. Total assets grew 12.11%, from $204.9 million at December 31, 2010, to $229.7 million at December 31, 2011.

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Staff Appointments Announced at South Atlantic Bank

Myrtle Beach, South Carolina, January 25, 2012 – South Atlantic Bank has announced that three employees have taken on new roles within the bank's loan operations function.

Karen M. Atwood Ervin, vice president, has been appointed to the new position of director of loan administration. Atwood Ervin began her banking career in 1994 and has more than 18 years of loan administration/operations experience with several local banks. She served as assistant vice president for commercial/construction loan administration for Carolina First Bank before joining South Atlantic Bank in September 2007 as vice president and director of loan operations. In her new position as director of loan administration, she is responsible for management of the platform systems for new consumer, commercial, and mortgage lending; compliance; and supervision of the loan administration staff. Atwood Ervin is a graduate of the South Carolina Bankers School (Columbia, South Carolina), the Robert Morris Associates Commercial Lending School (Greenville, North Carolina), and the American Bankers Association National Compliance School (Atlanta, Georgia). She is a resident of Myrtle Beach.

Leslie A. Wdowiak has been promoted to vice president and appointed to the new position of director of loan servicing. Wdowiak began her banking career in 1987, working with two New England area banks before relocating to South Carolina in 2005. In South Carolina, she served the former Coastal Federal Bank as group leader for commercial/consumer loans and the former Beach First National Bank as assistant vice president for loan operations before joining South Atlantic Bank in November 2007 as assistant vice president and loan operations manager. In her new position as director of loan servicing, she is responsible for management and maintenance of existing consumer, commercial, and mortgage loans; customer service; compliance; and supervision of the loan servicing staff. Wdowiak attended Keene State College (Keene, New Hampshire) and Franklin Pierce College (Rindge, New Hampshire). She is a graduate of the New England School of Banking and has completed the Stephen R. Covey "Seven Habits of Highly Effective People" leadership training program. She resides in Surfside Beach.

Shirley Y. Kulcsar has been promoted to assistant vice president and appointed to the new position of loan administration specialist. Kulcsar began her banking career with Anchor Bank (now Carolina First) in 1994 as a teller and was promoted to customer service representative in August 1995. She continued in that role with Carolina First until May 2004 when she was promoted to loan assistant. In November 2007, she joined South Atlantic Bank as a personal banker at the Main Office, and then served in the same capacity at the Murrells Inlet office when it opened in November 2008. In June 2011, she was promoted to the management training program. In her new position as loan administration specialist, she will be responsible for the preparation of loan documents using the bank's Compliance One software. A Surfside Beach native, Kulcsar is a graduate of Socastee High School. She resides in the Myrtle Beach area.

 

South Atlantic Bank Announces Teller Appointment

Myrtle Beach, South Carolina, January 18, 2012 – South Atlantic Bank has announced the appointment of Mandy Lischner as a teller at the bank’s Main Office at the corner of 29th Avenue North and Grissom Parkway.

A native of Little River, South Carolina, Lischner completed her high school education through Allendale Academy and is a graduate of the University of South Carolina, where she earned a bachelor of music degree with an emphasis in jazz studies. During her high school and college years, she held positions at the North Myrtle Beach Aquatic and Fitness Center, Beach Services, and the Cracker Barrel Old Country Store and Restaurant.